Exchange House Info

The New York Stock Exchange

1, the brief introduction of stock exchange of New York

New York Stock Exchange (NYSE) it is the largest marketable securities trade market in the world at present. At the beginning of U.S.A.'s securities issue, there is not a stock exchange which concentrates trade yet, securities trading mostly go on in the coffee house and auction room, on May 17, 1792, 24 brokers signed " the tree protocol of Chinese parasol tree " under the Chinese parasol tree with one door of coffee house of northwest corner of William street of Wall Street of New York, this is an exchange predecessor of New York. By 1817, the stock exchange on Wall Street has been already very active, then the market participant has established " the securities of New York and trade management office ", taking shape basically in a securities trading midfield that concentrates on, in 1863, the management office renamed as New York Stock Exchange, this has been using till today all the time.

A spontaneous organization stands up to buy and sell the federal bond and corporation of the state, city, company bond to develop progressively from New York Stock Exchange. 1867, American telegram company links the automatic telegraph receiver of quotations of the first stock and New York exchange, its has excited interests in stock of masses with continuity conveniently, in 1869, New York Stock Exchange realized connecting with cable of London Stock Exchange, make the quotations of the exchange passed to Continental Europe rapidly. Have improved Europe and investor's interest in American security market of other areas of world greatly. Before 1900, the method of transaction on stock exchange of New York has been already ripe basically. Improvement of generally adopting with shareholding systems in U.S.A.'s industrialized process and popular degree of security market, the trading volume of New York Stock Exchange increases sharply, by the twenties of the 20th century, New York Stock Exchange began to replace London Stock Exchange and become the largest security market in the world.

In the course of development of more than 200 years, New York Stock Exchange builds up to very important function for the development, harmony of the large-scale social production, and literary composition of the modern market economic system of U.S.A.'s economy. Up till now, it has remained the largest, most representative stock exchange in the nationwide stock exchange of U.S.A., it is largest in the world too, the organization is the soundest, and the equipment is the most perfect, the most tightly having great influence on international economy stock exchange of management.

2, the condition to that the American domestic corporation is listing of stock exchange of New York is required

 (1) Company one year makes profits less than 2,500,000 dollars before-tax recently;

 (2) The public has stocks of this company that are no less than 1,100,000 shares;

 (3) There are 2000 investors at least in the company; each investor has more than 100 stocks;

 (4) The issued amount of the common stock calculates less than 40 million dollars according to market price;

 (5) The net tangible assets of the company are no less than 40 million dollars.

3, the condition to that the foreign company of U.S.A. is listing of stock exchange of New York is required

As the world securities exchange, the stock exchange of New York accepts the foreign corporation too and is listed, the listing condition is stricter than the American domestic corporation, include mainly:

 (1) The figure of the stock held by the public is no less than 2,500,000 shares;

 (2) The number of shareholder who holds more than 100 shares is no less than 5000;

 (3) The market value of stock of the company is no less than 100 million dollars;

 (4) The company must make profits in succession during recent 3 business years, and no less than 2,500,000 dollars, no less than 2 million dollars every year the past two years or no less than 4,500,000 dollars in the last year in the last year, added up to less than 6,500,000 dollars in 3;

 (5) The net tangible assets of the company are no less than 100 million dollars;

 (6) There are multiple demands to the management of the company and operating aspect;

 (7) Other relevant factors, for instance, the relative stability of company's affiliated trade, market situation, prospect of the company, public interest in company's stock of the position in this trade of company, company products, etc.

 NASDAQ 

1, brief introduction of NASDAQ stock exchange

NASDAQ security market (NASDAQ), Its English full name is "National Association of Securities Dealers Automated Quotation ", by the whole America jobber's association (NASD) created and responsible for managing. It is the first electronic trade market in the world set up in Washington in 1971. 

NASDAQ is not a second board market in the meaning usually in fact. Because is absorbing the numerous high-tech enterprises of the name, and these high-tech enterprises grow up rapidly again, so, NASDAQ leaves an impression of a kind of support pioneering enterprise on somebody.

The original intention of setting up NASDAQ lies in standardizing U.S.A.'s extensive over-the-counter, so NASDAQ has been regarded as New York Stock Exchange all the time ( NYSE) Auxiliary sum supplement. The advanced and huge electronic information technology has already made NASDAQ become the largest invisible trade market in the world.

NASDAQ has two plates in all: National market (NASDAQ National Market, is abbreviated as NNM) Small-scale capital market set up with 1992 (NASDAQ Small Cap Market, was abbreviated as NSCM). The goal at the beginning of establishing of NASDAQ makes a reservation in small and medium-sized enterprises, but only because the scale of enterprises is larger and larger with the changes of the times, so reach today, NASDAQ oneself divide one " main board market " and first " markets of small and medium-sized enterprises " into instead. 

NASDAQ has one's own market-making systems (Market Maker); they are some independent stock traders, bear the buying and selling of a certain stock for investors. Less stocks of the lower to that market value, number of times of trade is particularly important that this system arranges. These is it serve as by member of NASD to become city trader, this form way unanimous with sponsor of TSE. Every stock listed on NASDAQ, have to become city trader stock quotation their, some larger, trade active stock is it can up to 40- 4 often to make city trader comparatively two or more at least. These is it include Merrill Lynch, Gao Sheng, Saloman brother, etc. top investment bank of the world to become city trader.  NASDAQ attempts to enable the stock of the listed company to make a deal at the optimum price through this kind of market-making system more and more now, ensure investors' interests again at the same time.

There is very strong strength too in market technology in NASDAQ, it adopts the high-efficient " electronic trade system " (ECNs) ,Have fitted the terminal station of 500,000 calculators altogether in the whole world, convey offering in an all-round way and latest trade information of more than 5000 kinds of securities to the trader, fund manager and broker of each world corner. Because adopt the computerized trade system, the management and operation of NASDAQ are with low costs, with high efficiency, increase the openness, mobility and validity of the market. By contrast, the demand listed on NASDAQ is the strictest and complicated; at the same time because its mobility is very great, it is most strenuous to list on this market the preparation needing to carry on.

2, the listing condition of NASDAQ stock exchange (main board)

 (1) Need to have more than 300 shareholders.

 (2) Meet one of them in the following conditions:

Stockholder's equity (Company”¦s net assets) No less than 15 million dollars, the pretax business income has been no less than 1 million dollars for one year at least in the most recent 3 years.

Stockholder's equity (Company”¦s net assets) No less than 30 million dollars. No less than the trading records of 2 years.

The market value of stock circulating in NASDAQ is not lower than 75 million dollars, or company's total assets, gross income of that year are not lower than 75 million dollars.

 (3) The annual financial statement must be referred to the card and in charge of being will be consulted with company shareholders.

 (4) There must be three at least " Do to a market trader " (Market Maker) Participation this case (each person, register it must have the ability not buying or selling to stock of more than of 100 shares under normal purchasing price and the selling price Market Maker of having, and must reciprocate all knock-down price and trading volume to the trade council of the American dealer in securities in 90 seconds after each one makes a deal (NASD).

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3, the listing condition of NASDAQ stock exchange (GEM)

GEM (Small-scale capital market) Need to meet one of them in the following conditions:

Stockholder's equity (Company”¦s net assets) No less than 5 million dollars.

The market value of stock circulating in NASDAQ is not lower than 50 million dollars.

The operating profit has not been lower than 750,000 dollars for one year at least in 3 years recently.

 American Stock Exchange

1, brief introduction of American Stock Exchange

Besides New York Stock Exchange, American Stock Exchange (AMEX) it was once the second major stock exchange in the whole U.S.A. in the past, it was the same as New York Stock Exchange, located in near Wall Street of New York, in the third largest stock exchange in U.S.A. now.

The roughly mode of business of American Stock Exchange is like New York Stock Exchange. In but a different one, where lay particular stress on listing company in, small enterprise. So, the stock price generally listed on American exchange is comparatively on the low side, and the trading volume is relatively small.

In March of 1998, American Stock Exchange amalgamated with NASDAQ exchange and became NADSAQ - -AMEX group company.

2, the listing condition of American stock exchange

If the company wants to be gone to American Stock Exchange to list, need to possess the following several condition: 

 (1) 500,000 whifves of number of share of stock is being owned by masses on the market at least;

 (2) There should be the shareholders of 800 at least (each shareholder needs to have more than 100 shares);

 (3) Meet one of them in the following conditions:

The pretax operating profit of the most recent three years totals less than 100 million dollars, pretax operating profit of the most recent 2 years totals and is not lower than 25 million dollars.

The incomes of 12 months are not lower than 100 million dollars recently, the management cash of the most recent 3 years flows into and totals less than 100 million dollars, management cash of the most recent two years flows into every year and is no less than 25 million dollars, circulate stock market value lower than 500 million dollars.

Circulate stock market value lower than 750 million, income for one year recently lower than 75 million dollars.

When NASDAQ exchange has not been set up yet, some extant American big enterprise in that company is establish the beginning, because capital volume yet little, in addition, company's reputation is not raised apparently, so choose to be listed on regional stock with more loose listing condition here, in order to raise the fund and run enterprises to expand. For example, end in one gram of oil companies full of trees (Exxon Corporation), General Motors Corporation (General Motors Corporation) Conserve strength and store up energy here before this, gone to the largest stock exchange of New York to list after the company really grows up healthy and strong, so American stock exchange can deserve to be called star burst ferment.

 Toronto Stock Exchange(TSX)

1, the brief introduction of stock exchange of Toronto

At present, there are two exchanges mainly in Canada, for Toronto Securities Exchange respectively (lie in Toronto of Canada) Start an undertaking in the exchange with Canada (Lie in Vancouver of Canada), Liang divide the work in an exchange: Large-scale enterprises (Advanced stock) Conclude the business in the exchange of Toronto, the small and medium enterprise (elementary stock) The exchange concludes the business to start an undertaking in Canada.

Toronto lies in the east of Canada, is the provincial capital of Ontario, is the first largest city in Canada, important port too, national finance, commerce, industry, cultural center. Toronto Securities Exchange (Toronto Stock Exchange, is abbreviated as TSX) Established in 1878, had already had a history of more than 120 years so far. The stock exchange of Toronto is the main stock exchange of Canada (main board), The scale ranks first in Canada, is second only to New York Stock Exchange in the area of North America (NYSE) With NASDAQ (NASDAQ) The third major stock exchange, trading volume most heavy 10 stock exchange one of in the world too, it mainly offers the place where stocks are listed and traded for ripe big enterprise. By the end of 2000, more than 1 400 companies in all are listed, the total market value is 1,400 billion plus coin. The annual trading volume exceeds 40 billion shares, it is nearly 1,000 billion plus coin, there are 58 IPOs in all in the whole year, each one IPO raises the fund of 150 million yuan and adds coins on average, the fund amount raised add coins for 23 billion yuan through issuing additional and rationing shares in the whole year in addition, as a global stock exchange, because it pays attention to the risk, operation norm, so North America, Europe, Asia, attention of investor of Latin America.

2, Toronto burst pay listing demand

 (1) Listed and required the most low. The listing standard is designed in order to guide criterion, the exchange keeps final power to make decision that applies to listing. This power to make decision may bring to some specific special consideration that applied, sanction or reject to apply for to make and is listed (Though there is listing standard announced). Will consider whether the applicant's state is in conformity with demand of other regulations organization too in the exchange.

Apply to be divided into three kinds as follows in the listing company: Industry (Synthesize), mining industry, petroleum and natural gas. If income trusts, investment funds and limited partnership belong to industry in other special entities (Synthesize) Kind. If the origin shape of an enterprise is unable to sort out clearly, will appoint a classification after having a look around company's financial statement and other files in the trade where one stays, every kind in these three kinds of companies has a specific minimum listing condition.

 (2) Demands of administration and supervision authorities. After considering all factors about management teams, trade ownership admits company's listing decision. Make the judgment as rational as possible in rule according to relevant laws and regulations of the exchange:

  Require all files submitted to the exchange are intact, true and revealing clearly.

  Evaluate administrator, director, pusher, big shareholder or any other people or Company (people these hold Company a large number of stock, can influence the shareholding of the company absolutely), So as to ensure they can in just protecting shareholder and inventorying most under the great prerequisite of rights and interests, instruct the business of the company to develop, observe the rule and regulations of the exchange and other organs of power at the same time.

 (3) The sponsor requires. A company should be listed and must meet certain financial condition in the exchange. Administration and supervision authorities of company to influence an important factor that Company can will you please begin to merchandize too. Sponsor that all listing companies of the application need the participation organization of the exchange to offer, as a great factor while assessing in the exchange too. The sponsor's weight depends on the applicant's financial affairs and managerial strength in any example; it is even decisive factors in some examples. The exchange thinks the sponsor has responsibility that is assessed and offers the following content in written form:

  The company is up to all about listing standard.

  Listing application and dependability and integrality of all support files.

  Apply for all relevant matters of the company and integrality revealing the file for the exchange.

  All financial situation, developing history, commercial plan, management professional technique, all tangible trade, all commercial dependence or the relation of forming a partnership of the company, and all development item possible future rent ability.

  All is submitted for the trade to so support company's listing prediction, plan, fund budget for expenditure, and independent technological report and assume the terms.

  The news release and financial affairs within the past 12 months of the company reveal, so as to evaluate the company and reach the proper disclosure standard.

  Behavior in the past of company's administrator, director, pusher, big shareholder, so as to guarantee the professional guidance of the company is just, regard greatest rights and interests of the shareholder and investor as criterion, observe the rule and regulations of the exchange and other organs of power. The sponsor should pay special attention to confirming:

A. The company can prepare and announce all information demanded to reveal in exchange.

B. Company's director can bear as the responsibility of the director of a listed company.

C. Director, administrator, the inside information people of the staff and company can observe the criterion of ”§people”¦s trade of inside information ”§that the securities of Ontario will be made.

  Special regulation about the mining industry and petroleum Gas Company.

  All sponsors think relevant factors.

Consider the sponsor's responsibility too in the exchange, including as apply for source, company of information, to apply for company offer advisor help, and help stock of company carry on positive and orderly transaction at market.

 (4) The promoter's stock and demand of one of locking. The exchange, to the initial public publication, the stock that the company issues have some special regulations.

 (5) Limited stock. When applying to be listed a kind of stock in a company, this kind of stock:

  Do not have franchise

  There is franchise, but it has franchise stocks that there is another kind of companies

  Having franchise, it is limited but there are special clauses

To this kind of restricted stock, all special clauses of trade.

 (6) Circulate option and staff encourage the plan. Stock option, purchase plan, plan of stock option and stock of staff must meet exchange relevant demands to the listed company.

3, beginning to merchandize the procedure of applying for of the stock exchange of Toronto

 (1) Apply formally. Have listed the support files needed in the listing application. When a company plans to apply for stocks and go on the market through the prospectus, the company can before declaring the listing application, afford to require transaction all terms. 35 preliminary prospectuses and personal information tables, declare according to the demand of the exchange. If it is a natural resources company, still need to refer to the report which the engineer or the geological scholar finished.

The ones that apply should accord with the following terms on the basis of the preliminary prospectus while checking and approve:

  Reveal there is no substantive change in the final application in the information in the preliminary prospectus.

  The intact description of all other application documents and stock distribution situation should be submitted within 90 days according to the demand of the exchange, or submit within date that the exchange stipulates.

Must follow the listing application or the preliminary prospectus to hand over while applying for the expenses. If apply to pass, apply for the expenses and incorporate it into the initial listing expenses. The quantity of listing stock must equate with the real issuance of stocks and quantity of circulation, with because other and special use approve for into the stock issued already.

 (2) Begin to merchandize the procedure of applying for. After receiving the listing application, the exchange will notify insiders in order to confirm the file that all needed finishing being evaluated has already been submitted, and the form appointed according to the exchange is submitted. The applicant will have 75 days to submit any disappearance file. Time limit is it leads to the fact his one that applies to return to submit, also need to pay and apply for the fee while applying one day.

The exchange will do one's best to evaluate the application, and will offer the decision in 60 days when all files will be received. Exchange does one's best arrangement of time, regulation of applicant too; make its completion prospectus and issue of stock. Any time when is assessing, exchange may demand extra message or file, this may lengthen the evaluation time.

After finishing assessing, the exchange will be determined:

  Offer the conditional approval. Listed and applied for the conditional approval on the basis of reaching the designated condition within time limit of 90 days.

  Delayed. Listed and applied to be postponed because of the settlement of the specific matters. If the settlement of the specific matters can not reach the requirement of the exchange within 90 days, apply to be refused.

  Refusal. Is it is it refuse to apply to list, exchange within 6 months is it apply to consider no longer.

 (3) Listing agreement. Each listed company should sign the listing agreement; require its rule and policy of observing exchange.

 (4) Sanction stocks and is listed and listed. As the exchange has passed the verifying of the application document correctly, the application is referred to the committee of listed company of exchange made up of personnel of securities trade. Being listed on exchange is an honor instead of privilege. For example, the committee of listed company may not think a company should enjoy the honor listed, though it reaches stipulate most low to be it requires beginning to merchandize already. If listed company committee agrees stock of company list, exchange can select one designated securities trader is it serve as to make city trader stock to come. This piece designated to be it has responsibility to help to maintain an orderly securities trade market to make city trader. Select to let one do market trade to usually use designated for 2-3 week.

As soon as listed and applied to pass, the stock can begin the trade, but general regulation shortly, can't is it is it apply 90 days after approving for to list to exceed. If the listing issuance of stocks is given to the public, under the circumstances that the company requires, the stock can be listed in advance before issuing finishing too.

  Code name of the stock. Staff members of the exchange will distribute a stock code name for the new listed company. The code name of the stock is an abbreviation of the name of a company, does not exceed three letters. There is a piece of suffix after the code name, in order to confirm preference stocks, ration shares, application right, or special burst.

When applying to be listed, the company can require the exchange to offer a specific trade code name. Each demand will be accepted, but does not guarantee to be satisfied with results.

The stock code name distributed in stock exchange of Toronto is only, suitable for all exchanges of trade of Canada. If a company has already been listed in other Canadian exchanges, then it still uses the already existing code name when carry on the stock exchange in the stock exchange of Toronto.

  Listed the arrangement on day. The company will be invited to participate in the celebration that the celebration company's stock held in exchange will be listed on TSE. The personnel on the senior level of the company will have an opportunity to meet the personnel in the exchange. Exchange can arrange for one photographer is it is it record this incident to take a photograph of for Company to come too.

 (5) Listed to declare. Exchange is it appear according to listing application and financial statement editor of Company one is it declare to begin to merchandize to put in order, but not a prospectus. It is to offer information to government organs, news media, financial association and other public investors of participating in the organization, relating with securities business to list the issue that declares. The interested person can subscribe, its copy is stored by the exchange, consult for the public. The exchange is responsible for being listed the printing that declares, but the printing expenses are undertaken by the listed company.

 (6) Openness of the file. After the listing application is verified and passed finally, all support files should be disclosed to the public, if the exchange thinks necessary, this kind of file can be issued publicly.

So long as the exchange thinks the file has revealed concealed financial information, personal information and other information, unsuitable to give whom the public check should is it disclose to avoid, exchange can hold the file than disclose to the public. All listed companies will be named Ӥdeclaring publishers Ӥby the securities of Ontario, the regulation that must observe Securities Law reveals.

TSX-Venture

The exchange is by the stock exchange of Vancouver that Canada starts an undertaking ( VSE) , A banks up the stock exchange of the tower with earth ( ASE) Amalgamated it in November of 1999, renamed as Canada and started an undertaking in the exchange formally on November 29, 1999 ( CDNX) ,The purpose and meaning amalgamated this time lie in, set up a larger Canadian securities trade market with higher efficiency, with stronger competitiveness, facilitate investors and improve status in the world of Canadian stock exchange and competitive power further.

The stock exchange is an only real venture capital stock market in the world at present that Canada starts an undertaking, its main predecessor is a stock exchange of Vancouver ( VSE) ,There is long fund-raising history, established in 1907. Vancouver city international important banking centre one of, very much superior geographical position have. Vancouver is Chinese relative area that concentrates, so where”¦s business society familiar with the Asian-Pacific area every banking centre, for instance commercial language and demand of Hong Kong, China's Mainland, Taipei, etc.

Compared with other exchanges CDNX, its advantage lies in the threshold is the lowest. Plan listing enterprise need company achievement, profit require, need one good idea and a little seed capital can through CPC only (start an undertaking the capital storehouse) The form is listed on CDNX, is especially suitable for such new high-tech enterprises as IT, etc.. CPC embodies a concentrated reflection of a kind of idea, namely while growing up in company of the prospect in one, high-quality leaders are important assets. Their person who knows how to find needing, combine resources that the company has, turn technology, plot innovated into productivity, so as to attract to the input of the venture capital. In order to reflect people first, the exchange has strict regulations to directors' composition, require that must include managing the expert, professional financial personage, Securities Law lawyer, accountant and investor, therefore it to in and it is the of far-reaching significance without being managed for standardization country the enterprises run by the local people one financing.

Because of the bottom of the threshold, another function of CDNX is to send new force to the exchange of some other home. Some companies listed on CDNX Ӥgraduate Ӥto the larger stock exchange every year. The past 5 years, CDNX offer 7 billion with yuan fund for listed company already, raise the necessary fund for several dozen China Mainland and enterprise of Hong Kong.

In the second half of 2002, CDNX market was purchased formally by the stock exchange of Toronto, having become the undertaking plate of the stock exchange of Toronto, renames as TSX-V, its trading volume is second only to New York in North America (NYSE), NASDAQ (NASDAQ), the main board of Toronto (TSX), Rank the fourth.

The exchange is company's listing starting point that Canada starts an undertaking, foster the elementary stock (Junior Share) Security market, most it is suitable small and medium enterprise listing. Being listed on TSX-V can establish the foundation for rising up into NASDAQ and other advanced security markets fast.

2, listing advantage

 (1) Financing volume is from 500,000 to 20 million Canadian dollars.

 (2) In 2000, was 2,370 million Canadian dollars that the listed company of the exchange melted the fund-raising money that Canada started an undertaking?

 (3) Canada starts an undertaking the exchange offers special products and service for the demands of enterprises at initial stage.

 (4) Can at enterprises at developing stage through starting an undertaking in Canada, the exchange gets overall exposing rate.

 (5) Enterprises not merely finance, and get the chance of study, is changing over to the advanced market and learning how to operate the company under rule in the listed company and managerial structure. Enterprises grow up and strengthen, can turn to the advanced market, draw support from the financing during the course of starting an undertaking in the exchange initially; the company can enter TSX or NASDAQ and is listed.

3, the listing way on Canada GEM

 (1) Initial listing issue (IPO)

 (2) Storehouse company of the capital (CPC)

 (3) Purchase backward (RTO)

4, listing preparing of Canada GEM

 (1) Member sponsor. The company that every one planned to be listed on Canada GEM must have an exchange member company as the sponsor of the company. The listing guiding principle that the sponsor pays attention to is: The dependability of the suitable person of the director and administration and supervision authorities, financial materials offered, development prospect of the affiliated trade of company's business, and " purchases backward " through relatively " initial listing issue ", " storehouse company of the capital ", the best way of helping the company to make policy and is listed.

 (2) Professional advisor. The listing course is quite complicated. Except the help of Canada GEM, the company needs help of professional advisor's team, include: Securities lawyer, outside auditor, investment consultant.

 (3) Submit the listing prospectus. The prospectus is the most important file in the listing course; want the common assistance of management teams, investment consultant, lawyer, auditing, the stock supervisory committee and Canada GEM. Submit five steps of a prospectus:

  The company submits a preliminary prospectus; the content is according to the stock supervisory committee of the province of the company, and the demands of Canada GEM and stock supervisory committee of the administrative area where one stays of other issuance of stocks are filled in.

  Verifying to the prospectus of competent department and the specialty to the defect is proposed.

  After revising and meeting the requirement of competent department in all defects, the company submits the final revision opinion book.

  The content of the listing prospectus should totally accord with the demand of the stock supervisory committee, the stock supervisory committee releases the final confirmation form.

  Issue stocks in the administrative area where the company is sanctioned being released in the final confirmation form.

 (4) Commercial plan. Commercial plan summarize development goal of enterprise and for realize target enterprise these how about dispose resources, investors judge whether a company is a basic basis chosen in a wise investment.

5, Canadian GEM goes on the market and requires the most low

 (1) A kind of company is listed and required the most low

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